Australian Capital Territory Consolidated Acts

LAND RENT ACT 2008 - SECT 22

    (1)     Interest on an amount of unpaid land rent is worked out—

        (a)     for each calendar month when the amount remains unpaid; and

        (b)     on the 1st day of that month; and

        (c)     at the interest rate applying to that day; and

        (d)     on the total amount of land rent that is unpaid on a day when the interest is worked out.

Note     The Minister may determine an interest rate for this section under the Taxation Administration Act, s 139.

    (2)     For subsection (1) (a), if an amount remains unpaid for part of a calendar month, interest is payable for the whole month.

Example

Andrew's land rent is due on 1 April. He doesn't pay it until 15 May. Andrew has to pay interest worked out for the overdue period from 2 April to 15 May. Because of the operation of s (2), Andrew has to pay interest for the period from 2 April to 1 June. Interest for the month from 2 April to 1 May is at the rate applying on 2 April, which is the 1 st day of the 1 st month that the amount remains unpaid (see s (1)). Interest for the month from 2 May to 1 June is at the rate applying on 2 May, which is the 1 st day of the 2 nd month that the amount remains unpaid (see s (1)).

Note     An example is part of the Act, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).